This paper distills lessons and observations on the formulation of investment strategies that are consistent with the objectives of integrated ecosystems management (IEM) in watershed-ecosystems and highly diverse landscapes. It combines lessons from the pilots that were supported by the World Bank and the Global Environmental Facility and implemented by the Department of Environment and Natural Resources (DENR) under the Environment and Natural Resources Management Project and from other projects. The paper outlines the unique features of public and private investments in watershed-ecosystems or highly diverse landscapes. It underlines the importance of reviewing and evaluating the potential on- and off-site environmental impacts of investments and interventions in a watershed-ecosystem or a highly diverse landscape. It emphasizes the need for investmentsthat complement those of other partners.It advocates the need to improve local governance that is tied up with managing and regulating non-negotiables, enhancing comparative advantages in support of value chain improvements of competitive goods and services, and implementing results-based monitoring and evaluation systems.